Your children should find it easier to get on the property ladder, according to research.

The cost of a home is set to rise 112% over the next 20 years to an average of £333,000, according to a report commissioned by the Woolwich.

But a change in the housing mix, with an increase in the number of small starter homes built, should mean there are more houses aimed at first-time buyers. At the same time, earnings growth is set to outstrip house price rises, with average pay increasing by 140% during the period, making property more affordable.

Those looking to get on to the property ladder in the North East are expected to find there are more properties in their price range.

The findings, by the Centre for Economics and Business Research, also predicted that the traditional three-bedroom semi will be a rarity by 2025.